Monday July 10, 2006 - 10:09:20 GMT
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Daily Technicals: wait for levels to sell Dollars
by Marc Spaelti
EURUSD: A high of 1.2860 briefly traded on Friday, profit orders then saw the pair drop back to 1.2790. Short-term bullish trend-line at 1.2775 this morning is a good buy level, expect more strong support at 1.2745 and key support 1.2700 this week. Suggest establishing fresh long positions for a rise towards 1.2950/1.30, initial resistance at 1.2815, stronger at 1.2840.
GBPUSD: A high of 1.8540 traded on Friday before closing underneath of its 1.8500 resistance for the weekend. This is a strong initial resistance, Cable in a first move this morning fell to 1.8435, look to buy Cable here at 1.8435 and again at 1.8380 strong support for a new bullish move up, testing key resistance at 1.8580 later on this week.
USDJPY: The Dollar fell hard on Friday and continued to trade at a low of 113.45 this morning. Currently back at 113.75, we see strong initial resistance at 113.85 and suggest selling some Dollars here. More resistance at 114.20, key at 114.65, this needs to hold the week as we look for a move towards 111.50 next. Initial support 113.40, 112.85 strong and 112.40 next.
USDCHF: On Friday a low of 1.2195 traded, but the pair returned to close the week above its strong 1.2230 support, while this holds, the Dollar can trade side-ways, a range of 1.2250/1.2350 can be seen. Key resistance is now at 1.2425, while underneath we maintain a bearish bias in the medium-term, expecting to fall to key support at 1.1950 eventually. There is no rush to sell Dollars at present levels but we suggest to look for spikes above 1.23 and near 1.24 to go short.
@14:00GMT US Wholesale Trade May
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